Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

The European Insurance and Occupational Pensions Authority’s (Eiopa) plans to impose capital charges for insurers’ exposure to nat cat risk could affect pricing and the insurability of such risks, warns Fitch. A final report from Eiopa on its proposal is expected in the next few months. Fitch says EU regulators are aware and concerned about climate change risk facing the…

Solvency II changes for UK insurers could free up £95bn, says ABI

Solvency II changes for UK insurers could free up £95bn, says ABI

Solvency II changes for UK insurers could free up £95bn, says ABI

Potential changes to the Solvency II regime by UK regulators post-Brexit could free up £95bn from the insurance sector to benefit clients and the wider economy, according to the Association of British Insurers (ABI), releasing a report produced by KPMG. The ABI said changes to Solvency II’s matching adjustment and risk margin would ensure the industry still holds enough capital,…

EC confirms UK data adequacy but will review in 2025

EC confirms UK data adequacy but will review in 2025

EC confirms UK data adequacy but will review in 2025

The European Commission (EC) has said the UK’s data protection laws are strong enough to allow for the free flow of personal information between the EU and UK as the two sides renegotiate following Brexit. It will now move to adopt the draft data adequacy decisions on the GDPR and then on the Law Enforcement Directive, which will allow the…

Australian regulator latest to question Aon-WTW deal

Australian regulator latest to question Aon-WTW deal

Australian regulator latest to question Aon-WTW deal

Australia’s competition regulator has raised “concerns” over Aon’s planned acquisition of Willis Towers Watson (WTW) because it could drive higher prices and reduce service for large commercial buyers. The Australian Competition & Consumer Commission (ACCC) said bringing the two broking houses together will “significantly lessen competition” in commercial risk, reinsurance and employee benefits broking globally, as well as Australia. The…

Eiopa still mulling pan-European pandemic and multi-risk NDBI pool

Eiopa still mulling pan-European pandemic and multi-risk NDBI pool

Eiopa still mulling pan-European pandemic and multi-risk NDBI pool

A new consultation paper from Eiopa on how best to improve business interruption (BI) insurability in light of Covid-19, concludes that a pan-European scheme is potentially warranted and that multi-risk pools should be considered. Eiopa’s paper is out for comment until 31 March and draws some interesting conclusions for risk and insurance managers. It is the second Eiopa paper on…

EC set to approve UK data sharing this week

EC set to approve UK data sharing this week

EC set to approve UK data sharing this week

The European Commission (EC) is expected to confirm data sharing can continue between the bloc and the UK after the interim Brexit agreement expires in June, according to the Financial Times (FT) newspaper. Commissioners have given the UK’s data protection systems the green light in a draft decision seen by the FT. Although a decision in favour of data sharing…

Ferma urges EC not to introduce mandatory sustainability governance rules

Ferma urges EC not to introduce mandatory sustainability governance rules

Ferma urges EC not to introduce mandatory sustainability governance rules

Ferma has told the EC it is against mandatory EU-wide due diligence rules on corporate sustainability because they would add administrative costs and reduce the competitiveness of European firms. The federation has instead put its weight behind non-binding guidelines and standards to boost ESG risk management. Ferma was responding to the recent public EC consultation on sustainable corporate governance that…

UK regulator says it wont ‘tear up’ SII or greatly change capital requirements

UK regulator says it wont ‘tear up’ SII or greatly change capital requirements

UK regulator says it wont ‘tear up’ SII or greatly change capital requirements

The UK has “no appetite” to tear up Solvency II or greatly reduce its capital requirements in a review of the regulation underway following Brexit, according to the Bank of England’s executive director Anna Sweeney. In a London conference speech, Ms Sweeney said the review will not necessarily result in higher, or lower, capital requirements for UK insurers now that…

EU holding UK to higher standards on equivalence, says BoE’s Andrew Bailey

EU holding UK to higher standards on equivalence, says BoE’s Andrew Bailey

EU holding UK to higher standards on equivalence, says BoE’s Andrew Bailey

The EU is holding the UK to higher standards than other third countries before granting financial services equivalence, according to head of the Bank of England (BoE) Andrew Bailey, who wants Europe to accept global standards when making its decision. Equivalence is a big deal because it would mean financial firms in the UK, including insurers, could continue serving clients…

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

AM Best believes that the Solvency II reform proposals put forward by the European Insurance and Occupational Pensions Authority (Eiopa) make a start in dealing with uneconomic aspects of Solvency II. The proposals are part of the European Commission’s review of the system as Solvency II celebrates its fifth anniversary. “While Eiopa’s advice, if implemented, would have the disadvantage of…

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